ANZ posts $1.85bn first quarter profit

ANZ posts $1.85bn first quarter profit

ANZ has announced an unaudited cash profit of $1.85 billion for the first quarter of the bank's reporting year.


In a statement, the bank said the unaudited cash profit during the three months to 31 December 2015 was up four per cent on the prior corresponding period. Statutory net profit was $1.6 billion.

"Income grew at a faster rate than expenses, with expenses well contained; technology investment and wage inflation were largely offset by a 2.5 per cent reduction in staff numbers,” ANZ said.

Meanwhile, the bank's wealth business benefited from stable life insurance lapse rates, which it said were offset by investment market volatility. Corporate banking, however, was impacted by higher funding costs and competition, the statement said.

ANZ chief executive Shayne Elliott said: "We have seen very good performances in our retail and small business segments, however corporate borrowing demand remains subdued."

"With the environment presenting a number of challenges, the new management team has taken action to reduce costs, to tightly manage the credit environment and capital, and to simplify and reposition the business.

"Our performance in the first quarter was supported by strong expense and margin management, and further progress will be apparent in the group's financial performance during the balance of the year."

Read more:

Suncorp restructures leadership team

Bear market has 'further to go': Wilson

ASFA chief executive steps down

Geopolitical risk could hit emerging markets

Sustainalytics opens Sydney office

 

ANZ posts $1.85bn first quarter profit
investordaily image
ID logo
promoted stories

Appointments

investordaily image

AMP names incoming chief risk officer

Jessica Yun

investordaily image

Antares Equities hires new director

Staff Reporter

Brad Fox

Former AFA CEO appointed to boutique board

Staff Reporter

Analysis

investordaily image

Warning lights flashing on Aussie equities

Roy Maslen

investordaily image

What’s in store for the economy in 2018?

Frank Uhlenbruch

ST Wong

Busting common passive investing myths

ST Wong